Heart Imaging Software Provider Heartflow Sets Terms for $200 Million IPO

Renaissance Capital

Aug 01

Heartflow, which offers imaging and diagnostics software for evaluating coronary artery disease, announced terms for its IPO on Friday.

The Mountain View, CA-based company plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Heartflow would command a fully diluted market value of $1.4 billion.

Heartflow offers a non-invasive solution for diagnosing and managing coronary artery disease (CAD). As of March 31, 2025, the Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone. The novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient's heart and deliver actionable insights on blood flow, stenosis, plaque volume, and plaque composition.

Heartflow was founded in 2007 and booked $136 million in revenue for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol HTFL. J.P. Morgan, Morgan Stanley, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of August 4, 2025.

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